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Case Status:    DISMISSED    
On or around 06/25/2020 (Notice of voluntarily dismissal)

Filing Date: June 17, 2020

According to the Complaint, Tetraphase Pharmaceuticals, Inc. is a biopharmaceutical company that uses its proprietary chemistry technology to create novel tetracyclines for serious and life-threatening conditions, including infections caused by many of the multidrug-resistant bacteria highlighted as urgent public health threats by the World Health Organization and the Centers for Disease Control and Prevention.

This action stems from a proposed transaction announced on June 4, 2020, pursuant to which Tetraphase Pharmaceuticals, Inc. will be acquired by Melinta Therapeutics, Inc.

On June 4, 2020, Tetraphase’s Board of Directors caused the Company to enter into an agreement and plan of merger with Melinta. Pursuant to the terms of the Merger Agreement, Merger Sub commenced a tender offer to purchase all of Tetraphase’s outstanding common stock for $1.79 per share in cash and one contingent value right (“CVR”). The Tender Offer is set to expire on July 11, 2020.

On June 12, 2020, Defendants filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading. Specifically, the Complaint alleges that with respect to the Company’s financial projections, the Solicitation Statement fails to disclose, for each set of projections: (i) all line items used to calculate (a) EBIT and (b) Unlevered Free Cash Flow; and (ii) a reconciliation of all non-GAAP to GAAP metrics.

This case was voluntarily dismissed on June 25, 2020.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TTPH
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Delaware
DOCKET #: 20-CV-00826
JUDGE:
DATE FILED: 06/17/2020
CLASS PERIOD START: 06/04/2020
CLASS PERIOD END: 06/17/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rigrodsky & Long, P.A. (Wilmington)
  2. RM Law, P.C. (Berwyn)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available